17 Feb Small Business Boot Camp: Choose A Location
Choosing a home for your business ought not to be done on a whim. It can determine a lot, right down to how successful you’ll be overall. It’s as important as having a killer marketing campaign. But there is some leniency. For example, because prime real estate isn’t always available or is too expensive, sometimes you have to make do with what’s on the market. This is not a death sentence. However, ensuring most of the below criteria are met will let your company’s location be one of its strong suits.
Are people able to get in and out of your lot? This simple matter is a pretty big deal, although not necessarily a deal-breaker. But wouldn’t it just be better if customers, suppliers, and staff could get in and out without much hassle? Determine whether people can park with ease and not have to squeeze in to find a spot. This might not always be in your control, depending on the lot you choose. If parking is not available on-site, see if you can direct employees and guests to side streets or temporary parking in front of the building. Sometimes, paid parking is necessary, even if no one likes it. But generally, the easier this situation is, the better, as this will ensure your business sees more traffic and by extension, more potential sales.
Closeness to Other Businesses
It’s often beneficial to be nestled in with other organizations, as this can increase traffic and serve you and your staff. Being around restaurants, grocery stores, or daycare centres can be viewed as assets, should anyone need to run errands.
However, there is the question of whether being around direct competition is a good thing. If comparison shopping is popular in your industry, this could drum up business. On the other hand, if it prevents you from being able to market yourself properly, you might consider going somewhere else.
There are advantages to setting up camp away from everyone else, as well. For one, property taxes are often cheaper in more secluded areas, which is especially great if you’re on a budget. It’s also less likely you’ll be inundated with time-wasters as the people who come out to see you will do so with a purpose, since few other stores are around.
Old buildings can be endowed with a great deal of personal charm. Nonetheless, they can also crumble and be subject to decay. Make sure those old bones can support modern electronics, air conditioning, and telecommunications services. If not, see if you can put enough money aside for some professional renovations or keep on looking.
Utilities and Everything Else
If renting, determine whether the cost of utilities is included. Some are contracts offer it, some don’t. But there are also other things to consider, such as whether you want to hire janitorial services or what kind of security deposits you’ll need.
When to Work From Home
Then again, you can also put all the above aside and choose to work from home. This can work tremendously well or not at all depending on what your company does and how you market yourself. For example, industrial or manufacturing businesses need a different environment to flourish. But if you are able to do a lot of work from your computer or craft smaller items, this stay-at-home model could work for you. But be aware you might have to work harder to promote yourself because you’re not really in the public eye. You should also continuously evaluate how profitable your business is. For example, raking in only a few hundred dollars a month will not be enough to support yourself, unless your business is a side project.
Those who choose to work from home must also see whether they will be distracted by their environment. You can avoid being absorbed by household diversions by creating a separate work space or home office.
Hunting for your business’ location can be like scouting out a house. Sort of. Both require persistence, getting the best property for your dollar, a few eye rolls, and a good laugh. Enjoy the search as much as possible. You’ll recognize the right place when you see it.